TORONTO, Feb. 16, 2012 /PRNewswire/ - Agnico-Eagle Mines Limited ("Agnico-Eagle" or the "Company") is providing its 2011 reserve and
resource statement, an update on the 2011 exploration program results,
as well as an outline for its exploration program in 2012.

2011 Reserves and Resources Update

Agnico-Eagle's 2011 proven and probable gold reserves of 18.8 million
ounces compares with the 2010 total of 21.3 million ounces. The 2011
gold production, the October 2011 suspension of mining at Goldex and
the associated reclassification of its reserves to resources, combined
with higher costs at Meadowbank which resulted in a new mine plan and
lower reserves, each negatively impacted the 2011 total.

"Our two best advanced exploration stories continue to be Kittila and
Meliadine, with the recent acquisition of La India and Tarachi in
Mexico providing additional exploration upside" said Sean Boyd,
President and CEO. "In 2012, we will continue to focus our aggressive
exploration approach on building reserves at Kittila, Meliadine and in
Mexico to support our production growth plan" added Mr. Boyd

The summary table below highlights the changes in reserves at each of
the Company's assets.

Gold Reserves By Mine/Project

Proven & Probable Reserve (000s ounces)

December 31

2011*

2010

Change

LaRonde
Goldex
Lapa
Kittila
Pinos Altos
Meadowbank
Meliadine
Bousquet

4,700
-
501
5,177
3,103
2,201
2,877
191

4,818
1,566
677
4,880
3,271
3,486
2,600
-

(118)(1,566)(176)297(168)(1,285)277191

Total

18,750

21,299

(2,549)

*For full details including tonnages and grade, see the Detailed Mineral
Reserve and Resource Data table in this news release

The assumptions incorporated in the 2011 reserve calculation, as
compared with those in 2010, are as follows:

Reserve Assumptions

2011

2010

Gold (US$/oz)

$1,255

$1,024

Silver (US$/oz)

$23.00

$16.62

Copper (US$/lb)

$3.25

$2.97

Zinc (US$/lb)

$0.91

$0.86

C$/US$

1.05

1.08

US$/Euro

1.3

1.4

MXP/US$

12.86

12.43

Changes In Reserves

LaRonde

The small decline in LaRonde's proven and probable reserves is largely
the result of the gold production in 2011, and partially offset by the
effect of higher metals price assumptions.

Goldex

All of the proven and probable reserves at Goldex were reclassified into
mineral resources following the suspension of mine operations and the
writedown of the mine in October 2011. At the time of
reclassification, there were approximately 1.4 million ounces of gold
reserves at Goldex, while approximately 150,000 ounces of gold had been
extracted in 2011 prior to the October suspension.

Lapa

The majority of the decline in Lapa's proven and probable reserves is
represented by the ore processed during 2011. Increases in gold
reserves due to higher metal price assumptions were largely offset by
higher dilution applied in the current reserve estimate.

Kittila

New proven and probable reserves at the Roura and Rimpi zones, as well
as higher gold price assumptions had a positive impact on Kittila's
reserves in 2011. Some of these increases in reserves have been offset
by the amount of gold mined during 2011, as well as the impact of more
conservative operating cost assumptions, with the net increase in
reserve being approximately 300,000 ounces of gold.

Pinos Altos

The Pinos Altos (including Creston Mascota) proven and probable reserves
declined by approximately 170,000 ounces in 2011, largely due to ore
extraction. The total impact of ore extraction was partially offset
by successful exploration results at Creston Mascota during 2011, which
increased its mine life by approximately two years, through 2017, with
the addition of approximately 75,000 ounces of proven and probable
reserves.

Meadowbank

Considering the persistently high operating costs, a technical and
operating review at the Meadowbank mine has resulted in a new pit
outline, with higher grade cut-off parameters. The newly optimized
mine plan, combined with the extraction of ore in 2011, had the impact
of reducing proven and probable reserves by 1.3 million ounces of gold.

Meliadine

At Meliadine, an extensive 2011 drilling program was primarily focused
on two main zones, Tiriganiaq and Wesmeg. Much of the program was
focused on resource conversion drilling and resulted in an additional
0.3 million ounces of proven and probable gold reserves, mainly at the
Tiriganiaq zone, but also resulted in initial reserves at the F zone
deposit. Proven and probable gold reserves at Meliadine are now 2.9
million ounces, while measured and indicated resources total 1.7
million ounces of gold (12.6 million tonnes grading 4.09 g/t) and
inferred resources represent 2.4 million ounces of gold (12.7 million
tonnes grading 5.98 g/t). This represents a significant increase in the
deposit from the time of acquisition in mid-2010, when the deposit had
no reserves, indicated resources of 3.2 million ounces of gold (8.8
million tonnes grading 5.21 g/t) and inferred resources of 1.7 million
ounces of gold (11.8 million tonnes grading 6.94 g/t).

Resources Show Growth In 2011

The overall gold resources were positively impacted by the results of
exploration drilling at Kittila, Meliadine, and Pinos Altos.

The Company's measured and indicated resources have increased by 3.2
million ounces of contained gold over the 2010 statement to a total of
9.6 million ounces of gold (168 million tonnes grading 1.78 g/t). The
increase in measured and indicated resources includes the addition of
1.4 million ounces of gold from the reclassification of Goldex proven
and probable reserves and an additional 1.2 million ounces of measured
and indicated gold resource (48 million tonnes grading 0.74 g/t) from
the acquisition of the La India property. Inferred resources of 9.7
million ounces of gold in 2011 have decreased by 0.2 million ounces of
contained gold over the year, primarily as a result of successful
conversion drilling at Kittila and La India, offset by decreases at
Meadowbank.

December 31, 2011 Resources

Measured & Indicated
Resources* (Au koz)

Inferred Resources*
(Au koz)

LaRonde

415

1,347

Lapa

258

110

Meadowbank

1,315

459

Kittila

1,026

1,165

Pinos Altos

842

782

La India

1,150

715

Meliadine

1,658

2,438

Goldex

2,094

1,588

Bousquet

768

598

Other

107

515

Total

9,633

9,712

*For full details including tonnages and grade, see the Detailed Mineral
Reserve and Resource Data table in this news release

2012 Reserve Target and Exploration Budget

The Company anticipates the year-end 2012 reserves to grow to
approximately 20 million ounces of gold, or an increase of
approximately 12%, net of production, through an extensive exploration
drilling campaign.

The 2012 exploration program will be primarily focused on accelerating
the drilling programs at Kittila, Meliadine and Mascota/Bravo,
conversion of resources at La India and further exploration of Tarachi.
These programs will form part of the feasibility studies at each of
these properties, which would add significant upside potential for the
Company's near term growth production profile. In 2012, Agnico-Eagle's
exploration budget is approximately $106 million, with about 38%
expected to be spent on mine-site and advanced project exploration, as
shown in the table.

2012 Exploration Expenditures

Exploration Budget

($, thousands)

Capitalized

Expensed

LaRonde

740

Lapa

344

Meadowbank

1,587

Kittila

12,172

Pinos Altos

4,404

Meliadine

20,700

Grassroots exploration

61,900

Corporate Devt. & Project Evaluations

4,500

Total

39,947

66,400

2011 Exploration Highlights

Agnico-Eagle spent approximately $108 million on regional and minesite
exploration during 2011, including 390,000 metres of drilling. An
additional $35 million was spent on a bulk sample and other activities
at Meliadine, the results of which are expected in the second quarter
of 2012. Much of the exploration expenditures were spent on grassroots
and brownfields exploration (approximately $76 million) and resulted in
216,046 metres of drilling. The Company plans to continue to focus its
exploration efforts at Meliadine, Kittila, and its assets in Mexico.

At the Meliadine project, the 2011 exploration program included $40
million spent on 104,502 metres of core drilling, with the majority of
it focused on infill drilling at Tiriganiaq. As of year-end 2011,
about one third of the 2011 assays remain pending due to a backlog at
the independent laboratory. These intersections were not included in
the current reserve and resource statement but are expected to be
received by the second quarter of 2012.

Drilling at the Tiriganiaq Zone in 2011 has focused on resources to
reserves conversion from surface to 350 metres depth, but has
encountered significant intersections outside of the current resources
envelope. The grades and thicknesses of the new intersections have been
similar to the values in existing reserve and resources.

The table below presents the most significant drill results from the
Tiriganiaq zone since June. The hole collars are located on the
Meliadine geology map, and the pierce points are shown on the
Tiriganiaq longitudinal section.

Significant recent Tiriganiaq zone drill results

Drill Hole

Lode ID

From (metres)

To (metres)

Depth below surface (metres)

Estimated True Width (metres)

Gold (g/t) (cut)*

M11-1092

1000

352.0

368.3

331

11.2

7.4

M11-1108A

1000

367.0

378.0

340

9.6

6.2

M11-1119

1000

327.5

331.1

291

2.9

14.5

M11-1161

1100

379.7

386.7

345

6.4

13.4

and

1025

414.1

417.5

368

3.0

35.5

M11-1171

1050

319.8

326.0

284

5.1

6.2

M11-1173

1262

260.1

265.6

194

5.5

16.75

M11-1201

1100,1151

296.2

304.3

259

6.6

21.9

M11-1211

1256

322.2

329.0

321

3.6

11.7

M11-1236

1255

384.0

389.0

352

3.2

9.36

M11-1251

1153

376.4

381.0

313

3.3

23.3

M11-1349

1100

274.7

280.5

240

5.8

22.6

*Holes at Tiriganiaq deposit use a cutting factor ranging from 15 to 120
g/t gold depending on the lode.

Recent drilling expanded the Tiriganiaq resources to the west at depth,
with hole M11-1092 intersecting 7.4 g/t gold over a true width of 11.2
metres at a depth of 330 metres below surface. The central part of the
deposit has shown high-grade intercepts inside and outside the resource
envelope (see holes M11-1211 and M11-1173), and the resources have also
been expanded downward on the east side of Tiriganiaq (see hole
M11-1171).

During the second half of 2011, the Company conducted an underground
bulk sample on the Tiriganiaq deposit, which included 222 metres of
lateral development on two levels, resulting in 8,460 tonnes of broken
material. Early results from the bulk sample indicate significantly
improved confidence with regards to the continuity and grade of the
Tiriganiaq deposit. A complete analysis of the results is expected
during the second quarter of 2012 and the results will become part of
the updated feasibility study expected to in late 2013.

Wesmeg Zone Extended

The Wesmeg zone has continued to demonstrate significant growth, with
resources growing from approximately 1.0 million tonnes grading 4.4 g/t
gold (or 143,000 ounces of gold) in the inferred category only in 2010
to 3.5 million tonnes grading 3.0 g/t gold (or 343,000 ounces of gold)
in the indicated category, and 3.7 million tonnes grading 3.5 g/t gold
(or 411,000 ounces of gold) in the inferred category in 2011.

Drilling in 2011 has helped extend the Wesmeg zone to 3.3 kilometres of
strike length and increased its depth to at least 300 metres, showing
the Wesmeg resource to have similar size potential to the Tiriganiaq
zone which is approximately 400 metres to the north.

The program has also discovered a new horizon approximately 100 metres
from Wesmeg and approximately 100 metres from Tiriganiaq. This
discovery raises the possibility of yet another satellite deposit in
close proximity to the existing deposits. This also highlights the
exploration potential of the overall Meliadine property, much of which
has not yet been fully evaluated.

Significant recent Wesmeg zone drill results

Drill Hole

From (metres)

To (metres)

Depth below surface (metres)

Estimated True Width (metres)

Gold grade (g/t) (cut)*

M11-1048**

189.0

197.0

135

7.6

4.1

M11-1111

102.5

114.5

86

11.8

4.8

M11-1123

60.0

64.5

42

3.7

8.7

M11-1130

64.0

70.5

48

6.3

5.0

M11-1143

51.6

56.5

38

4.0

4.4

M11-1206

138.9

145.5

99

6.6

13.7

M11-1314

480.0

487.0

380

6.8

5.1

M11-1346

133.0

143.0

96

9.5

4.2

* Holes at Wesmeg deposit use a cutting factor of 30.0 g/t gold.** Hole M11-1048 was previously reported in a news release on June 27, 2011

Approximately one kilometre to the east of the Wesmeg resource envelope,
hole M11-1206 intersected 13.7 g/t gold over a true width of 6.6 metres
at a depth of approximately 100 metres below surface. This intercept is
very close to hole M11-1048 (4.1 g/t gold over a true width of 7.6
metres at a depth of 135 metres below surface), reported in the June
27, 2011 news release. These two intercepts are indicating a new area
of interest with good grade and thickness near surface that is
potentially open in all directions and is untested farther east.

Drilling has confirmed the grade of the existing resource and extended
it at depth. Hole M11-1111 intersected 4.8 g/t gold over 11.8 metres at
a depth of 85 metres below surface, while hole M11-1346 intersected 4.2
g/t gold over a true width of 9.5 metres at a depth of 96 metres below
surface. Approximately one kilometre to the west of the existing
resource, hole M11-1130 intersected 5.0 g/t gold over a true width of
6.3 metres at a depth of 50 metres below surface. The 2012 exploration
program will aim to better define the Wesmeg deposit over its 3.3 km
length.

A new lens of mineralization in between Tiriganiaq and Wesmeg appears to
have been intersected by hole M11-1314, as shown on the
Tiriganiaq-Wesmeg generalized cross section. The hole intersected 5.1
g/t gold over a true width of 6.8 metres at a depth of 380 metres below
surface. This intercept is meaningful, as it opens Wesmeg's potential
for underground high grade mineralization that could be potentially be
accessible using Tiriganiaq's underground infrastructure. This area
will be an important target in 2012, given that it could improve the
underground component of the deposit with multiple parallel mineralized
horizons.

The planned exploration budget at Meliadine in 2012 is $20.7 million for
90,000 metres of drilling in the known deposits, as well as $9.6
million for 25,000 metres on the grassroots exploration.

Exploration has expanded the Kittila mineralization in the Rimpi and
Roura deposit areas at depth and to the north, highlighting further
exploration upside at this deposit. Kittila now contains the Company's
largest contributor to proven and probable gold reserves at 5.2 million
ounces. The proven and probable reserves at Kittila have increased by
approximately 0.3 million ounces in 2011, with most of the growth
coming at depth in the Roura and Rimpi zones.

The table below presents selected recent drill results from the mine
site exploration. The pierce points of the intercepts are shown on the
Kittila longitudinal section.

Of particular interest is the drilling in the Rimpi Zone, which is the
northernmost zone known at Kittila, where recent intercepts have
confirmed and expanded the zone at depth and to the north. Hole
RIM-10-004, which intersected two zones at depths of 460 and 490 metres
below surface, helped extend the reserves at depth by close to 200
metres. Holes RIE-11-017, RIE-11-017B and RIE-11-010 followed the
Rimpi Trend downward, with multiple intercepts more than 450 metres
below and slightly north of the previous Rimpi Zone resources envelope.

To date, the mineralization at Rimpi appears to be thicker and higher
grade than that found at the main Suuri deposit at Kittila.

Within the Roura resource envelope, recent infill drilling has confirmed
long intercepts at higher grades than previously observed, converting
resources to reserves. Hole ROU-09-002I helped convert resources to
reserves at 605 metres depth. At further depth, between 870 and 950
metres, holes ROU-10-36E and ROU-11-001H intersected grades between 7
g/t and 9 g/t gold, extending the Roura North reserves northward.

Below the Roura North resource, hole ROU-11-005 intersected 4.2 g/t gold
over a true width of 8.5 metres at a depth of 1,370 metres below
surface, which is 120 metres below the current resources envelope.

Mine-site exploration at Kittila in 2012 is estimated to include 7,500
metres of conversion and 32,200 metres of exploration drilling at a
cost of $13.5 million. The drilling focus remains on Rimpi and on
demonstrating continuity of the mineralization at different depths and
could significantly increase the resource in the extreme north trend.

Mexico

The acquisition of Grayd Resource Corporation, and its La India project
in Mexico has added approximately 1.2 million ounces of measured and
indicated resources (48 million tonnes grading 0.74 g/t)and 715,000
ounces in inferred resources (32 million tonnes grading 0.69 g/t). La
India will continue to be evaluated in 2012 for its potential as a
low-cost open pit heap leach mine. This acquisition also included a
highly prospective land package in the surrounding area, including the
Tarachi discovery which will be a focus of exploration during 2012.

At Pinos Altos, as shown on the attached graphics, new reserves at the
Creston Mascota deposit have resulted in a new, larger open pit
design. Exploration results indicate that Creston Mascota could extend
further to the southwest to include the adjacent Bravo/Carola deposits,
increasing the potential of a significantly larger open pit that would
include all three deposits. Encouraging recent drill results from
Creston Mascota are shown in the table below and are located on the
Creston Mascota longitudinal section.

* Holes at the Creston Mascota deposit use a cutting factor of 9 g/t
gold and 88 g/t silver.

Hole CM11-288 shows higher grade than expected in this area, while hole
CM11-311 is a high grade intercept in a new resource area.

The potential for further expansion near Creston Mascota, together with
an encouraging outlook for the La India project and the Tarachi
exploration potential, reinforce the growing importance of the Mexican
operations as a key contributor to Agnico-Eagle's operating and growth
profile. The Company plans to spend $10.5 million on the La India
property, drilling 45,000 metres in 2012. At Pinos Altos, the expected
2012 exploration program is comprised of $5.8 million, to be spent on
33,800 metres of drilling,

About Agnico-Eagle

Agnico-Eagle is a long established, Canadian headquartered, gold
producer with operations located in Canada, Finland and Mexico, and
exploration and development activities in Canada, Finland, Mexico and
the United States. The Company has full exposure to higher gold prices
consistent with its policy of no forward gold sales and maintains a
corporate strategy based on increasing shareholders exposure to gold,
on a per share basis. It has declared a cash dividend for 30
consecutive years.

Tonnage amounts and contained metal amounts presented in this table have
been rounded to the nearest thousand. Reserves are not a sub-set of
resources. No measured resources were estimated.

Forward-Looking Statements
The information in this news release has been prepared as at February
15, 2012. Certain statements contained in this press release constitute
"forward-looking statements" within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and "forward looking
information" under the provisions of Canadian provincial securities
laws and are referred to herein as "forward-looking statements". When
used in this document, words such as "anticipate", "expect",
"estimate," "forecast," "planned", "will", "likely", "schedule" and
similar expressions are intended to identify forward-looking
statements.

Such statements include without limitation: the Company's
forward-looking production guidance, including estimated ore grades,
project timelines, drilling results, orebody configurations, metal
production, life of mine, commencement of production estimates, the
estimated timing of scoping and other studies, recovery rates, mill
throughput, and projected exploration and capital expenditures,
including costs and other estimates upon which such projections are
based; the Company's goal to increase its mineral reserves and
resources; and other statements and information regarding anticipated
trends with respect to the Company's operations, exploration and the
funding thereof. Such statements reflect the Company's views as at the
date of this press release and are subject to certain risks,
uncertainties and assumptions. Forward-looking statements are
necessarily based upon a number of factors and assumptions that, while
considered reasonable by Agnico-Eagle as of the date of such
statements, are inherently subject to significant business, economic
and competitive uncertainties and contingencies. The factors and
assumptions of Agnico-Eagle contained in this news release, which may
prove to be incorrect, include, but are not limited to, the assumptions
set forth herein and in management's discussion and analysis and the
Company's Annual Report on Form 20-F for the year ended December 31,
2010 ("Form 20-F") as well as: that there are no significant
disruptions affecting operations, whether due to labour disruptions,
supply disruptions, damage to equipment, natural occurrences, equipment
failures, accidents, political changes, title issues or otherwise; that
permitting, production and expansion at each of Agnico-Eagle's mines
and growth projects proceeds on a basis consistent with current
expectations, and that Agnico-Eagle does not change its plans relating
to such projects; that the exchange rate between the Canadian dollar,
European Union euro, Mexican peso and the United States dollar will be
approximately consistent with current levels or as set out in this news
release; that prices for gold, silver, zinc, copper and lead will be
consistent with Agnico-Eagle's expectations; that prices for key mining
and construction supplies, including labour costs, remain consistent
with Agnico-Eagle's current expectations; that Agnico-Eagle's current
estimates of mineral reserves, mineral resources, mineral grades and
metal recovery are accurate; that there are no material delays in the
timing for completion of ongoing growth projects; that the Company's
current plans to optimize production are successful; and that there are
no material variations in the current tax and regulatory environment.
Many factors, known and unknown, could cause the actual results to be
materially different from those expressed or implied by such
forward-looking statements. Such risks include, but are not limited to:
the volatility of prices of gold and other metals; uncertainty of
mineral reserves, mineral resources, mineral grades and metal recovery
estimates; uncertainty of future production, capital expenditures, and
other costs; currency fluctuations; financing of additional capital
requirements; cost of exploration and development programs; mining
risks; risks associated with foreign operations; governmental and
environmental regulation; the volatility of the Company's stock price;
and risks associated with the Company's byproduct metal derivative
strategies. For a more detailed discussion of such risks and other
factors, see the Form 20-F, as well as the Company's other filings with
the Canadian Securities Administrators and the U.S. Securities and
Exchange Commission (the "SEC"). The Company does not intend, and does
not assume any obligation, to update these forward-looking statements
and information, except as required by law. Accordingly, readers are
advised not to place undue reliance on forward-looking statements.
Certain of the foregoing statements, primarily related to projects, are
based on preliminary views of the Company with respect to, among other
things, grade, tonnage, processing, recoveries, mining methods, capital
costs, total cash costs, minesite costs, and location of surface
infrastructure. Actual results and final decisions may be materially
different from those currently anticipated.

This news release uses the terms "measured resources" and "indicated
resources". We advise investors that while those terms are recognized
and required by Canadian regulations, the SEC does not recognize them. Investors are cautioned not to assume that any part or all of mineral
deposits in these categories will ever be converted into reserves.

This press release also uses the term "inferred resources". We advise
investors that while this term is recognized and required by Canadian
regulations, the SEC does not recognize it. "Inferred resources" have a
great amount of uncertainty as to their existence, and great
uncertainty as to their economic and legal feasibility. It cannot be
assumed that all or any part of an inferred mineral resource will ever
be upgraded to a higher category. Under Canadian rules, estimates of
inferred mineral resources may not form the basis of feasibility or
pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that part or all of an inferred
resource exists, or is economically or legally mineable.

Scientific and Technical Data

Agnico-Eagle Mines Limited is reporting mineral resource and reserve
estimates in accordance with the CIM guidelines for the estimation,
classification and reporting of resources and reserves.

Cautionary Note To U.S. Investors- The SEC permits U.S. mining companies, in their filings with the SEC,
to disclose only those mineral deposits that a company can economically
and legally extract or produce. Agnico-Eagle uses certain terms in this
press release, such as "measured", "indicated", and "inferred", and
"resources" that the SEC guidelines strictly prohibit U.S. registered
companies from including in their filings with the SEC. U.S. investors
are urged to consider closely the disclosure in our Form 20-F, which
may be obtained from us, or from the SEC's website at: http://sec.gov/edgar.shtml. A "final" or "bankable" feasibility study is required to meet the
requirements to designate reserves under Industry Guide 7.

Estimates for all properties were calculated using historic three-year
average metals prices and foreign exchange rates in accordance with the
SEC Industry Guide 7. Industry Guide 7 requires the use of prices that
reflect current economic conditions at the time of reserve
determination, which the Staff of the SEC has interpreted to mean
historic three-year average prices. The assumptions used for the
mineral reserves and resources estimates reported by the Company on
February 15, 2012 were based on three-year average prices for the
period ending December 31, 2011 of $1,255 per ounce gold, $23.00 per
ounce silver, $0.91 per pound zinc, $3.25 per pound copper, $0.95 per
pound lead and C$/US$, US$/Euro and MXP/US$ exchange rates of 1.05,
1.37 and 12.86, respectively.

The Canadian Securities Administrators' National Instrument 43-101 ("NI
43-101") requires mining companies to disclose reserves and resources
using the subcategories of "proven" reserves, "probable" reserves,
"measured" resources, "indicated" resources and "inferred" resources.
Mineral resources that are not mineral reserves do not have
demonstrated economic viability.

A mineral reserve is the economically mineable part of a measured or
indicated mineral resource demonstrated by at least a preliminary
feasibility study. This study must include adequate information on
mining, processing, metallurgical, economic and other relevant factors
that demonstrate, at the time of reporting, that economic extraction
can be justified. A mineral reserve includes diluting materials and
allows for losses that may occur when the material is mined. A proven
mineral reserve is the economically mineable part of a measured mineral
resource demonstrated by at least a preliminary feasibility study. A
probable mineral reserve is the economically mineable part of an
indicated, and in some circumstances, a measured mineral resource
demonstrated by at least a preliminary feasibility study.

A mineral resource is a concentration or occurrence of natural, solid,
inorganic material, or natural, solid fossilized organic material
including base and precious metals in or on the Earth's crust in such
form and quantity and of such a grade or quality that it has reasonable
prospects for economic extraction. The location, quantity, grade,
geological characteristics and continuity of a mineral resource are
known, estimated or interpreted from specific geological evidence and
knowledge. A measured mineral resource is that part of a mineral
resource for which quantity, grade or quality, densities, shape and
physical characteristics are so well established that they can be
estimated with confidence sufficient to allow the appropriate
application of technical and economic parameters, to support production
planning and evaluation of the economic viability of the deposit. The
estimate is based on detailed and reliable exploration, sampling and
testing information gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill holes
that are spaced closely enough to confirm both geological and grade
continuity. An indicated mineral resource is that part of a mineral
resource for which quantity, grade or quality, densities, shape and
physical characteristics can be estimated with a level of confidence
sufficient to allow the appropriate application of technical and
economic parameters, to support mine planning and evaluation of the
economic viability of the deposit. The estimate is based on detailed
and reliable exploration and testing information gathered through
appropriate techniques from locations such as outcrops, trenches, pits,
workings and drill holes that are spaced closely enough for geological
and grade continuity to be reasonably assumed. An inferred mineral
resource is that part of a mineral resource for which quantity and
grade or quality can be estimated on the basis of geological evidence
and limited sampling and reasonably assumed, but not verified,
geological and grade continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill holes.
Mineral resources which are not mineral reserves do not have
demonstrated economic viability.

Investors are cautioned not to assume that part or all of an inferred
resource exists, or is economically or legally mineable.

A feasibility study is a comprehensive technical and economic study of
the selected development option for a mineral project that includes
appropriately detailed assessments of realistically assumed mining,
processing, metallurgical, economic, marketing, legal, environmental,
social and governmental considerations together with any other relevant
operational factors and detailed financial analysis, that are
necessary to demonstrate at the time of reporting that extraction is
reasonably justified (economically mineable). The results of the study
may reasonably serve as the basis for a final decision by a proponent
or financial institution to proceed with, or finance, the development
of the project. The confidence level of the study will be higher than
that of a Pre-Feasibility Study.

The mineral reserves presented in this disclosure are separate from and
not a portion of the mineral resources.

Property/Project name and location

Qualified Person responsible for the current Mineral Resource and
Reserve Estimate and relationship to Agnico-Eagle

Qualified Person responsible for Exploration and relationship to
Agnico-Eagle

The effective date for all of the Company's mineral resource and reserve
estimates in this press release is December 31, 2011. Additional
information about each of the mineral projects that is required by NI
43-101, sections 3.2 and 3.3 and paragraphs 3.4 (a), (c) and (d) can be
found in the Technical Reports referred to above, which may be found at
www.sedar.com. Other important operating information can be found in the Company's
Form 20-F and its news release dated February 15, 2012.

The contents of this press release have been prepared under the
supervision of, and reviewed by, Marc Legault P.Eng., Senior
Vice-President Project Evaluations and a "Qualified Person" for the
purposes of NI 43-101.